UPDATE 1-BofA could sell non-US wealth unit to Julius Baer-report

Terms of the deal are still being finalized, but Julius Baercould pay $1.5 billion to $2 billion, CNBC reported.

Reuters reported in April that Bank of America had put itswealth management business outside the United States up forsale. [ID: nL6E8FHACU] The business, which manages some $90billion for rich clients, is not large enough to generate enoughmoney for the U.S. bank, sources told Reuters.

Bank of America and Julius Baer declined to comment on theCNBC report.

Bank of America has been selling off non-core business unitsunder Chief Executive Brian Moynihan to build capital. Thesecond-largest U.S. bank by assets has trailed rivals inrecovering from the financial crisis, largely because of hugelosses and lawsuits tied to its 2008 acquisition of subprimemortgage lender Countrywide Financial.